Gold had a really bad start to this week, breaking below key supports and also the descending triangle. We've got one daily close below the support line of the descending triangle. We are also below important MAs and all the trendlines. 20WMA is almost at 1850$ which is the golden pocket of the Fib Retracement too. A pullback to 50% or 38.2% of Fib is not far fetched. However, the technical target of the descending triangle is at 1800$ in which we may see a decent bounce at that level but if not, look for lower prices. Bearish case gets invalidated if we get a decent bounce back into the triangle which is above 1900 approximately. Bitcoin is also showing heavy correlation to this chart!
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Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.